Money News Wall Street sinks on inflation fears: techs lead losses

Wall Street sinks on inflation fears: techs lead losses


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The best-performing stocks in 2020 – Apple,, Microsoft, and Alphabet – lost as much as 2.4%, leading the declines in the S & P500. Investors fear that accelerating inflation could cause the Fed to tighten its monetary policy faster than expected.

Major Wall Street indices fell Tuesday, weighed down by tech-related stocks as investors fear a pickup in inflation could cause the Federal Reserve to tighten its monetary policy faster than expected.

The Dow Jones Industrial Average was down 1.3% at 34,293.66 units; the S & P500 index lost 0.8% to 4,154.50 units; and the Nasdaq Composite also fell 0.05% to 13,395.41 units.

The best-performing stocks in 2020 – Apple,, Microsoft, Google’s parent, and Alphabet – lose 0.6% to 1%, leading the declines in the S&P.

The 10 members of the NYSE FANG + TM index, which includes the FAANG group of stocks along with Tesla, Alibaba and Twitter Inc, declined 1%, extending the loss of capitalization of this market measure to more than 442,000 million dollars in what that goes this month.

Yields on benchmark 10-year US Treasuries hit a session high at 1.629% before the consumer price report, due out Wednesday.

Investors became increasingly suspicious of the rapid rise in prices, despite the Fed’s reiteration on several occasions that whatever inflation there is will be transitory.

“We’ve seen a rise in the price of raw materials, the economic data has been very strong and a rate hike has really put pressure on the technology complex,” said Dan Eye of Fort Pitt Capital Group. “If you value a high-growth company based on the earnings it will have in 10 years, that will be worth much less today because of the high levels of inflation.”

The major sectors of the S&P were trading in the red. The energy sector yielded 1.8%, leading the losses due to the decline in crude prices.

Gina Carson
Gina Carson is a The Advertiser Mirror correspondent who covers politics, business, trend, lifestyle, entertainment and worldwide news. Gin is a talented girl of 21 years old who is fascinating with journalist work.

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